The Board of Directors and Management will respond to questions and comments from owners present.

15 minutes – 2 minutes per person

7:45 PM: OPEN SESSION

Board President will call the meeting to order and confirm a quorum is present.

(Please be courteous – no audience participation is permitted. Speakers will be recognized by the Chair.)

Committee Reports

Board Report

Action Items – New Business

Motions from Closed Session

Motions can be recommended if any action is taken during closed session.

Minutes December 22, 2014

Attached, for the Board of Directors, is the minutes from the Board Meeting held on December 22, 2014, submitted by Mavis Mather, Assistant Manager.

A sample resolution follows – I move the Board of Directors approves the minutes from the Board Meeting held on December 22, 2014.

Elevator #9 Hydraulic Cylinder

Recently the City of Chicago inspected all the elevators currently in service. The City Inspector did provide conditional certificates for our elevators until February however there are items to be addressed before they can provide us with full certificates. The majority of these items are simple and easily completed; however, the City Inspector stated the hydraulic cylinder in elevator #9 (the garbage elevator) must be replaced consistent with Chicago codes. This item was included in the proposed 2015/16 budget however we must start this project sooner in order to be allowed to continue to use this elevator.

Otis Elevator provided the quote used in our budget for replacement of this cylinder. Due to the expense of this project we have gone out to bid for this service with other elevator companies. We are currently evaluating the exact terms and conditions of the competitors proposals.

Suburban Elevator: $12,500.00; provided PTCA accepts service contract by July 2015 at the same rates and stipulations as the current Otis Elevator contract.

ThyssenKrupp: $35,054.00

Otis Elevator: $43,097.54; we have been in touch with our Otis representative and have asked them to evaluate their proposal in light of their competitors quotes.

We do not recommend changing service contractors even in light of the Suburban Elevator proposal. It is clear they are using the project as leverage to try to get our business. However, we have no good reason to consider ending our long-term partnership with Otis. Rather we will report on the progress of our discussions with Otis at the Board Meeting and hope they will see the value in bringing the price down in recognition of our long-term partnership and desire to continue doing business with them. ThyssenKrupp’s quote is more a straight forward bid for this project. It is our understanding that they do a lot of this work and actually have a team devoted to replacing cylinders like this within our region. If anything, we believe that Otis needs to get their number closer to this but we are evaluating the exact terms and conditions of ThyssenKrupp’s proposal to make sure it is apples to apples with Otis.

A sample resolution follows – I move the Board of Directors accepts the proposal from _____________ to replace the hydraulic cylinder in elevator #9, as proposed, in the amount of $______.

Receiving Room Lease

The lease for the receiving room is set to expire on July 31, 2015. The expiring lease and proposed extension were drafted with consideration of a $1,200.00 increase per year for the term of five years, consistent with the current lease arrangement.

Management asks the Board to formally propose renewal to the Park Tower Cleaners, including the proposed rate of increase in compensation for the receiving room duties. The current lease has been attached for Board consideration. The hours of operation will need to be updated and we are doing another review and correcting any typos. Other than that, we see no terms we believe need to be reconsidered.

A sample resolution follows – I move the Board of Directors proposes a 5 year renewal of the lease of the receiving room with Park Tower Cleaners, at an increase in compensation for receiving services of $_____ per year, beginning August 1, 2015. Further, should the Lessee accept the proposed terms, the Board of Directs approves execution of the lease.

Reports

Treasurer’s Report

Board Treasurer David Nicosia will review the November financial data.

NOVEMBER FINANCIAL ACTIVITY (Accrual Based)

Total Revenue = $447,760

Total Operating Expenses = $336,409

Net Income from Garage Operations = $28,070

Net Income = $111,351

Reserve Contribution = $113,108

Net Surplus/(Deficit) = $26,313

Total Reserve Expenses = $265,963

NOVEMBER BANK ACTIVITY (Actual EOM Balances)

Operating Account Balance = $256,434.40

(Decrease of $73,348.55 from October.)

Reserve Account Balance = $1,688,062.05

(Increase of $53,612.63 from October.)

Total Cash and Investments = $1,944,496.45

Management Report

Property Manager Tim Patricio will review Association business and activities, the activity report for the month, and recent sales and lease data.

Approval to Adjourn

The Board of Directors to adjourn the January 12, 2015 Board Meeting after business is completed.

A sample resolution follows – I move the Board of Directors adjourns the January 12, 2015 Board Meeting at _____PM.

OWNERS FORUM

The Board of Directors and Management will respond to questions and comments from owners present.